Golconda Resources Ltd. Announces Stock Option Issuance and Provides Corporate Update

• Press Release
• Source: GOLCONDA RESOURCES LTD.
• On 4:08 pm EST, Friday January 23, 2009

CALGARY, ALBERTA--(MARKET WIRE)--Jan 23, 2009 -- Golconda Resources Ltd. (CDNX:GA.V - News) (the "Corporation" or "Golconda") announces that it has granted stock options to acquire up to 925,000 common shares of the Corporation to certain of its employees, officers and directors. The options have an exercise price ranging from $0.10 to $0.17 per common share and expire on January 15, 2014. One-third of the options vest immediately, one-third shall vest on the first year anniversary of the grant date and one-third shall vest on the second year anniversary of the grant date. The stock option grant is subject to regulatory approval.

The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of options.

Golconda is also pleased to announce that it has appointed KPMG LLP, Chartered Accountants as auditor of the Corporation effective January 14, 2009. The Corporation's former auditor, MacKay LLP, Chartered Accountants resignation was accepted by the Corporation effective January 14, 2009.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

     Contacts:
     Golconda Resources Ltd.
     Sid Dutchak
     (403) 232-6828
     (403) 232-8650 (FAX)
     Email: sid@golconda.ca
     Website: http://www.golcondaresources.com